A Canadian investment firm which announced plans to create 125 jobs in Ireland just six months ago is closing its Irish operations, with the loss of 50 jobs.
The decision by Clearco was taken at the end of a consultation period with staff here and follows the announcement of a strategic partnership between the company and ecommerce investor Outfund.
"In light of the partnership, Clearco has renewed its focus on its two core and largest markets, US and Canada," Clearco said in a statement.
"The partnership does not include any of Clearco's staff, technology, intellectual property, infrastructure or operations," it said.
"Each departing employee will receive severance pay, two year window to exercise equity and outplacement support including expedited interviews with multiple partners," it added.
In March, Clearco said it would invest €100m in Irish ecommerce startups and establish an international sales hub in Dublin.
At the time it said Ireland's status as a tech centre, as well as its current level of economic growth, made it ripe for an ecommerce start-up boom.
The company specialises in equity-free investments and instead takes a share of a company's revenue as part of its funding deal.
Founded in 2015 and led by Michele Romanow from Canada's version of Dragon's Den, it has so far invested $3.2 billion in 9,000 brands globally.
"We are confident that this is the best decision for our customers who will continue to benefit from Outfund’s revenue-based financing model without ever having to give up equity in their businesses," Ms Romanow said about the latest developments.
"It is of course with great regret that we have had to let our international team go as part of this partnership," she said.
"They are a hugely talented team and we are confident that we will be able to support them in their next steps," she added.
Outfund is the UK and Australia's largest eCommerce investor and has committed to investing £500m in small businesses in 2022.